R 500
R 175000
R 350000

Vehicle Loans

In order to find the best vehicle loan for your needs, it is important to compare vehicle loans online.

  • Apply in minutes
  • Get offers from multiple lenders
  • Choose the best loan option available

Note: If you are not satisfied with the loan offers, you don’t have to select any of them.

Applying for a loan online – How it works

About 5 minutes

1. Select loan amount

In the calculator, select the loan amount you need.

The minimum amount is R 500 and the maximum amount is R 250 000.


2. Fill out contact details

Fill out your email address and your cellphone number.

Keep in mind that you will receive the loan offers through these channels.


3. Fill in additional details

The applications are often processed automatically. To achieve this, banks and lenders need some additional details, like your employment status and monthly income.


4. Select the best loan offer

Compare the offers & select the best one! If you are not satisfied with the offers, you don't have to do anything. The application expires automatically.


Introduction to Vehicle Loans

One of the most common forms of loans in South Africa is the Vehicle Loans. Before opting for any particular bank, credit institution or online lenders, you might need a detailed review of all sorts of plans all of these are offering. You might also need to analyze in detail your own requirement and capability to repay the loan. We at Creditium specialize in helping you get a detailed knowledge of all these aspects of all sorts of loans.

Not only this, Creditum enables you to get vehicle loan offers from a variety of reliable lenders. All you have to do is fill in the online loan application form, at no fee, and several lending institutions will offer you their available vehicle loans. You will then choose the most convenient offer for you and immediately apply for the loan. It is a simple, stress-free way of getting your car loan and zoom away in your new vehicle. Find out more about how it works below.

What are vehicle loan

These are loans that are used to finance the purchase of a vehicle. The loan is typically secure by the vehicle itself, which means that if you default on the loan, the lender can repossess the vehicle. Vehicle loan are available from a variety of lenders, including banks, credit unions, and online lenders.

The terms of the loan will vary depending on the lender. But typically, you will have to make a down payment of 10-20% of the purchase price of the vehicle, and the loan will have a term of 3-7 years. The interest rate on the loan will also vary depending on the lender, but it will typically be lower than the interest rate on a credit card or personal loan.

What is Creditum

It is a free online service that enables you to get car loans by applying using a simple form. The company itself is not a lender. However, it connects you quickly to the best car loans available from a selected group of lenders. Once you get the different offers, it will be upon you to choose which loan best suits your circumstances.

Therefore, to get a loan in South Africa, it helps if you visit Creditum so that you can compare the options available. It is important to compare car loans since that will help you discover which is the most convenient and affordable for you. That way, you will make an informed choice on which carl loan to go for. Consequently, Creditum is a great way to get vehicle loans with ease in South Africa.

Available vehicle finance options on Creditum

Currently, Creditum connects you to very many reliable. This list is still growing as more financiers come in. Note that, Creditum only partners with reliable, reputable and legitimate lenders. Subsequently, the loan provider you will get on this platform will be above board. You should therefore rest assured that all the available lenders on this platform have a proven track record.

Qualifications for a vehicle loan

To be eligible for a vehicle loan you should meet the following requirements.

  • You must be at least 18 years old.
  • Additionally, you have been in employment for at least 6 months.
  • The loan you seek should not be more than 8 times your monthly income.
  • You should have a good credit score. If you have not borrowed before, then you should not worry about this. Alternatively, if you have borrowed before and have paid off your loan, then your credit score will be OK.

Why people apply for vehicle loan

There are many reasons why people apply for loans. Some people may choose to lease a car instead of buying one outright. Leasing a car can be a good way to get a car with lower monthly payments.

Others may also use a loan to consolidate debt. This can be a good way to get a lower interest rate on your debt and to make one monthly payment instead of multiple payments. Whatever the reason, people apply for car loans for many reasons. Finally, others may want to finance a car to get a lower interest rate. Some people may also use a loan to get a car that they would not otherwise be able to afford.

Pros of car loans

Vehicle loan are a great way to finance the purchase of a new or used vehicle. They offer several advantages over other types of loans, such as personal loans or lines of credit. Here are some of the benefits of car loans:

  1. Car loans typically have lower interest rates than other types of loans. This can save your money over the life of the loan.
  2. Car loans can be easier to qualify for than other types of loans. This is because the vehicle serves as collateral for the loan.
  3. Vehicle finance can be used to finance the purchase of nearly any type of vehicle, including cars, trucks, vans, and even motorcycles.
  4. Car loans can be repaid over a shorter or longer period of time, depending on your needs and budget.
  5. Vehicle loan can be a great way to build or rebuild your credit. Making timely payments on a car loan can help improve your credit score.
  6. Car loans can be used to finance the purchase of a new or used vehicle. This can be a great way to get a new car without having to come up with all the cash upfront.
  7. Vehicle finance can be paid off early without penalty.

Cons of car loans

There are a few cons when it comes to taking out a car loan. One of the biggest cons is that you will end up paying more for the car in the long run due to interest. This is especially true if you choose a longer loan term in order to lower your monthly payments.

Another con is that you may end up upside down on your loan, meaning you owe more than the car is worth. If you experience an unforeseen event such as a job loss or accident. This can make it difficult to sell or trade-in the car.

Finally, if you miss payments or are late on payments, you could end up damaging your credit score which could make it difficult to obtain future loans or lines of credit.

Methods of payment for car loans

There are many methods of payment for car loans. The most common is to make monthly payments to the lender over the life of the loan. Other methods include making a lump sum payment at the end of the loan, or making payments through a third party such as a dealership or car finance company.

The method of payment you choose will depend on your personal circumstances and the terms of the loan. If you are able to make lump sum payments, this can save your money in interest and reduce the overall cost of the loan. However, it may not be possible for everyone to do this.

Making monthly payments is the most common method of payment for car loans. This is because it is the easiest way to budget for the carl loans and make regular payments. It is also the most flexible option, as you can make extra payments if you can afford to, or make smaller payments if you need to.

Whatever method of payment you choose, it is important to make sure that you keep up with your repayments. If you miss payments, you may be charged late fees or your interest rate could increase, which will add to the overall cost of the loan.

Loan calculator

A loan calculator is a great tool to use when you are considering taking out a loan. It can help you to see how much you can afford to borrow, and what the repayments might look like.

To use a loan calculator, you will need to enter some basic information about the loan you are considering. This includes the loan amount, the interest rate, and the term of the loan. The loan calculator will then calculate the monthly repayments for you.

One of the great things about a loan calculator is that you can experiment with different loan amounts, interest rates, and terms to see what the best option for you might be. This can help you to make a more informed decision about taking out a loan.

If you are looking to take out a loan to buy a car, then a loan calculator can be a great way to see what your options are. It is important to remember, however, that the loan calculator is only a tool, and that you should always speak to a financial advisor before making any decisions about taking out a loan.

Types of Loans available

The type of loan you get will depend on your needs and ability to repay. Generally, you will get the following offers from the Creditum lenders.

  • Creditum offers unsecured loans, personal loans, vehicle loans, payday loans. Other types of financial instruments may be available on the platform soon.
  • Up to R250,000 in loan amounts.
  • Maximum of 72 months repayment period for the unsecured loans.

Short term car loans

A short-term loan is a loan that has a shorter repayment period than a standard car loan. The repayment period for a short term loan is typically between one and three years. The shorter repayment period means that the loan has a higher monthly payment than a standard car loan, but the overall cost of the loan is typically lower.

Ways to get short term loan

There are a few different ways to get a short term car loan. One way is to go through a traditional lender, such as a bank or credit union. Another way is to go through an online lender. There are a number of online lenders that specialize in short term car loans.

The process for getting a short term loan is similar to the process for getting a standard car loan. The borrower will need to fill out an application and provide the lender with some basic information about themselves and the car they are looking to purchase. The lender will then review the application and make a decision about whether to approve the loan.

If the loan approve, the borrower will then need to sign a loan agreement. This agreement will outline the terms of the loan, including the repayment schedule, the interest rate, and any fees that may be associated with the loan. Next, you sign the agreement.

Long term car loans

A long term loan is a type of financing that allows you to spread out your car payments over a longer period of time than a traditional vehicle loan. This can make your monthly payments more affordable, but it also means you’ll end up paying more interest over the life of the loan. Long term car loans are typically available for terms of 60, 72, or 84 months, although some lenders may offer longer terms.

Application process for loan on Creditum

It is as easy as ABC to apply for a loan on Creditum. You only need to go through three easy steps to get your loan. Here is what you have to do.

1. Choose your loan amount and desired repayment period

You will need to carry out a few calculations to work out these figures. Once you get your figures, then you will fill in the Creditum online loan form to get the loan offers available. Below is a guide on how to work out those figures.

  • Decide the amount you need

You should decide how much money you need to borrow. This should be sufficient to cover the payment for the vehicle you want. It helps to shop around for the vehicle of your desires first and work out how much you will need to pay for it.

  • Work out your monthly repayments

You should then work out how much you can repay every month. The rule of thumb when deciding how much you should pay in loan premiums every month is a maximum of 30%. This means that no more than 30% or your monthly income should go towards paying your car loan. That will leave you with enough money to meet your other needs. This will show you how much you can pay each month.

  • Figure out the repayment period

The third step is to work out the repayment period. Loans will be repaid at a maximum rate of 8.25% is South Africa. This is the base lending rate. However, the different financiers charge a lower rate than this. For your calculations, you should use this figure to estimate your repayment period, because the rate will not be higher than this. Calculate as follows.

If the car you want is worth R100,000, the total interest you will repay is R100,000 x 8.25 divide by 100. The answer is 8,250. So, you will pay a total of 100,000 + 8,250 = R108,250.

If your salary is R15,000, then your maximum monthly repayment amount of 30% is 30×15,000 divides by 100. This equals R4,500. So, your repayment period will be the total amount to repay, R108,250, divide by your monthly pay of R4,500, which equals about 25 months.

  • Extending the repayment period

If you want to extend the repayment period further, you can opt for 50 months instead of the 25 months in the above example. In that case, you will only pay R2,250 monthly, which is a half of the R4,500 above. You can then file for a loan of R100,000, with a repayment period of 50 months. Remember, you have up to 72 months to repay your loan, so you can still double the repayment period if you want to reduce your monthly premiums.

2. Fill in the form

Once you have worked out the amount you wish to borrow and the repayment period, you can fill in these details into the online Creditum form as follows. Loan amount, R100,000, repayment period, 25 months. You will then proceed to carefully fill in the other desired details, which are required by lenders. It is important to give accurate details to speed up the lending process. The details required will include the following.

  • The loan amount you require.
  • Your email address
  • Phone number.
  • Employment status. You can choose between Permanent, Temporary, Self Employed, Commission or Contract, etc.
  • Your monthly salary.
  • South African ID
  • Whether you are currently under debt review.

You will then proceed to enter any other information as required of you and then click apply. Your application will be on the way.

3. Get Loan Offers

You will get loan offers from different lenders almost immediately after you submit your request. Once you get the offers, it will be up to you to decide which loan you prefer. You should consider the following factors when deciding on the loan.

  • The interest rates.

As has been stated before, some lenders offer lower interest rates than others. Lenders are always competing against each other for clients. One way of doing that is to make their interest rates lower than the competition. You should take full advantage to choose the lowest rates, since it means you will repay less money.

  • The type of interest.

You are better off with repayment on a reducing balance.

  • Repayment period.

This works both ways. If you prefer to repay your loan as soon as possible, you can opt for a short repayment period. However, you must be comfortable with the premiums to be repaid every month. On the contrary, if you want a longer and more comfortable repayment period, then you should go for it.

  • The amount of the loan

This is also important because it will determine how much you will have to pay back in total.

Online vs Traditional Loan Application

Nowadays, people can do almost everything online, from shopping to banking. Applying for a loan is no different. There are now two ways to apply for a loan: online or traditional. So, which one should you choose?

There are pros and cons to both online and traditional loan applications. With an online application, you can usually get a decision faster. This is because the lender does not have to go through as much paperwork. They can also process your application more quickly because they do not have to wait for you to mail in documents.

However, there are also some downsides to applying for a loan online. One is that you may not be able to speak to a person directly if you have questions. This can make the process more difficult if you are not sure about something.

Another downside is that you may not get the best interest rate. This is because the lender does not have to give you the best rate if they know you are just going to apply for a loan online.

If you are thinking about applying for a loan, you should compare the pros and cons of each option. Online applications can be faster, but you may not get the best interest rate. Traditional loan applications may take longer, but you can usually get a better interest rate.

You should also consider whether you want to speak to someone directly about your loan. If you have questions, it may be easier to speak to someone in person. Overall, the best option for you depends on your individual situation.

Credit score and car loans

A credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. In addition, a credit score has its base on a credit report information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers.

Finally, lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Additionally, lenders also use credit scores to decide whether to offer additional features, such as grace periods and cash-back bonuses, on credit cards.

A car loan is a loan that a bank, credit union, or other financial institution extends to a borrower for the express purpose of purchasing a vehicle. The loan is secure by the vehicle itself—the lender can take possession of the vehicle if you default on the loan—and it typically features lower interest rates than unsecured loans.

Good credit score

This can save a person money on your car loan. The higher your credit score, the lower the interest rate you will be offered. That can save you hundreds or even thousands of dollars over the life of the loan.

Bad credit score

In contrast, a bad credit score can cost you money on your car loan. The lower your credit score, the higher the interest rate you will be offered. That can cost you hundreds or even thousands of dollars over the life of the loan.

How to get loans with excellent credit score

It is always a good idea to have excellent credit when taking out a loan, but what is an excellent credit score? Anything above 750 is considered excellent, but a score of 800 or higher is the best credit score possible.

When you have excellent credit, you will likely be approved for loans with the best interest rates and terms. To get loans with excellent credit, you will need to fill out a loan application and provide the lender with proof of income and employment.

The lender will then pull your credit report and score to determine if you are a good candidate for the loan. If you are approved, you will be given a loan offer with the interest rate and terms that are available to you. You can then choose to accept or decline the loan offer.

How to get vehicle loan with good credit score

A good credit score is important if you want to get approved for a vehicle loan. Lenders will use your credit score to determine your loan eligibility and interest rate. The higher your credit score, the better your chances of getting approved for a loan and the lower your interest rate will be.

There are a few things you can do to improve your credit score before you apply for a loan. First, make sure you are on the electoral roll and that your personal details are up to date. Lenders use this information to verify your identity and check your credit history.

Secondly, try to reduce your debt-to-income ratio by paying off some of your outstanding debts. This will show lenders that you are capable of managing your finances and make payments on time.

Lastly, make sure you have a good mix of credit types in your history. This includes revolving credit, such as credit cards, and instalment loans, such as auto loans. Lenders like to see a mix of credit types because it shows that you can manage different types of debt responsibly.

If you have a good credit score, you should have no problem getting approved for a vehicle loan. Just make sure you shop around for the best interest rate and terms before you commit to a loan.

How to get loans with bad credit score

There are a few things you can do to get a vehicle loan with a bad credit score. The first is to improve your credit score. You can do this by paying your bills on time, paying off any outstanding debt, and maintaining a good credit history.

In addition, another option is to find a cosigner. A cosigner is someone who agrees to sign for the loan with you and is responsible for making the payments if you default on the loan. This can be a friend or family member with good credit.

You can also look for lenders who specialize in bad credit loans. These lenders are more likely to approve you for a loan and may offer you a lower interest rate.

Finally, you can try to negotiate with the lender. If you have a down payment, offer to pay a higher interest rate, or agree to a longer loan term, the lender may be more likely to approve your loan.

Compare Vehicle Loan Opportunities

Whether you’re in the market for a new car or simply trying to lower your monthly payments, it’s important to compare loan options before making a decision. Here are a few tips to help you compare vehicle loans:

1. Know your credit score. Your credit score will play a large role in determining the interest rate you qualify for. The higher your score, the lower your rate will be.

2. Shop around. Don’t just go with the first loan offer you receive. Compare rates and terms from multiple lenders to find the best deal.

3. Consider the total cost of the loan. When comparing loans, be sure to look at the total cost of the loan, not just the monthly payments. The total cost includes the interest you’ll pay over the life of the loan.

4. Choose the right loan term. The loan term is the length of time you have to repay the loan. Shorter loan terms typically have lower interest rates, but higher monthly payments. Longer loan terms have higher interest rates, but lower monthly payments. Choose the loan term that makes the most sense for your budget.

5. Read the fine print. Before signing any loan documents, be sure to read the fine print. Make sure you understand the terms of the loan and that there are no hidden fees.

Comparing vehicle loan can seem like a daunting task, but it’s important to do your homework before making a decision. By following these tips, you can be sure you’re getting the best loan for your needs.

Comparing vehicle finance lenders in South Africa

In South Africa, there are many vehicle finance lenders to choose from. Here is a comparison of some of the most popular lenders:


It offers vehicle finance with fixed interest rates starting at 8.25%. In addition, they also offer a pre-approval process, so you can know how much you can afford before you start shopping for a vehicle.

2. FNB

It offers vehicle finance with interest rates starting at 10.50%. They offer a discount on the interest rate if you take out a loan for a vehicle that is fuel efficient.

3. Standard Bank

The Standard Bank offers vehicle finance with interest rates starting at 10.75%. They give a 0.5% discount on the interest rate if you have a Standard Bank cheque or savings account.

4. Capitec

They offer vehicle finance with interest rates starting at 11.50%. In addition, they offer a pre-approval process and will finance up to 100% of the value of the vehicle.


This company offers vehicle finance with interest rates starting at 12.00%. Finally, they provide a pre-approval process and will finance up to 80% of the value of the vehicle.

Private lender vs Personal lender

A private lender is a financial institution that provides loans to individuals or businesses. In addition, the government does not regulate private lenders and are not required to follow the same rules and regulations as banks and other financial institutions. Private lenders can offer higher interest rates and more flexible terms than traditional lenders.

A personal lender is an individual who provides loans to individuals or businesses. The government does not regulate personal lenders and are not required to follow the same rules and regulations as banks and other financial institutions. Finally, personal lenders can offer higher interest rates and more flexible terms than traditional lenders.

There are a few things to consider when choosing between a private and personal lender. Interest rates and repayment terms are two of the most important factors. Private lenders typically have higher interest rates than personal lenders. Personal lenders may be more flexible with repayment terms, but this will vary depending on the lender. It is important to shop around and compare rates and terms before choosing a lender.

Secured vs Unsecured loans.

In general, a secured loan is a loan in which the borrower pledges some asset as collateral for the loan. It then becomes a secured debt owed to the creditor who provides the loan. The debtor can be individuals, corporations, or governments. Finally, the asset used as collateral is a security.

In the event that the borrower defaults on their payments, the creditor can seize the collateral to recoup their losses. This type of loan is less risky for both the borrower and the lender, and as a result, secured loans often have lower interest rates than unsecured loans.

An unsecured loan is a loan that is not backed by any collateral. In other words, the borrower do not to pledge any of their assets to secure the loan. Unsecured loans are also personal loans or signature loans.

Finally, unsecured loans are more risky for lenders than secured loans, as there is no collateral that the lender can seize if the borrower defaults on their payments. As a result, unsecured loans typically have higher interest rates than secured loans.

There are a few key differences between secured and unsecured loans that borrowers need to be aware of:

  • Secured loans have a back up by collateral, while unsecured loans are not.
  • Unsecured loans are often hard to obtain than secured loans.
  • In addition, unsecured loans typically have higher interest rates than secured loans.
  • If the borrower defaults on a secured loan, the lender can seize the collateral. Consequently, when the borrower defaults on an unsecured loan, the lender cannot seize any of the borrower’s assets.

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Here are some frequently asked questions about vehicle loans in South Africa.

1. What are the different types of vehicle loan available?

There are two main types of vehicle loan available in South Africa: secured and unsecured. A secured loan is where the vehicle itself is used as collateral for the loan. This means that if you default on the loan, the lender can repossess the vehicle. An unsecured loan is not secure by any collateral, so if you default on the loan, the lender cannot repossess your vehicle.

2. What are the interest rates on vehicle loan?

Interest rates on loans in South Africa can vary considerably depending on the lender and the type of loan. However, as a general rule, interest rates on vehicle loan are higher than interest rates on other types of loans, such as personal loans.

3. How long can I take out a vehicle loan for?

The length of time that you can take out a vehicle loan for will depend on the lender, but most vehicle loans have a term of between three and five years.

4. How much can I borrow?

The amount that you can borrow will depend on the lender, but most vehicle loans will allow you to borrow up to 80% of the value of the vehicle.

5. What are the repayment terms?

Most vehicle loan will have monthly repayments, but the repayment terms will vary depending on the lender. Some lenders may require that you make a balloon payment at the end of the loan term, while others may allow you to make extra repayments during the loan term.

6. What are the fees and charges associated with vehicle loan?

As with any loan, there are a number of fees and charges associated with vehicle loans. These fees can include an application fee, an origination fee, and a late payment fee. Make sure you understand all the fees and charges before you apply for a loan.

7. What are the risks of taking out a vehicle loan?

The main risk of taking out a vehicle loan is that you could default on the loan and lose your vehicle. However, if you keep up with your repayments and make sure you can afford the loan. Then taking out a loan can be a great way to finance the purchase of a new vehicle.